Mortgage Glossary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y ZI
An over-the-counter offer by a seller to a purchaser of a mortgage
Impound Account (Escrow Account)
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
Improved Real Estate
Real property on which one or more structures have been built for either residential or business use, or a combination of both
In Fee
Ownership of land with all the rights and obligations of ownership including the right to sell or give away the land or pass it on to one's heirs.
Inalienable
Something that may not be sold, transferred or assigned to another.
Income Limits
Maximum amounts that families may earn in order to qualify for admission into low- and moderate-income housing projects or for rent supplement assistance. The limits, established by law, are based on family size and geographic location.
Income Property
Real estate owned or operated to produce revenue.
Income Property Loan (Commercial Mortgage Loan)
A mortgage loan secured by real estate used by a business or to generate income.
Index
A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.
Inflation
The number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.
Information Agent
A firm (such as one designated by Ginnie Mae) to make certain information about its securities is available to the public.
Insurance
Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
Interest
A fee paid for using money that belongs to another, usually expressed as an annual percentage of the amount used. A financial institution makes periodic payments of interest to savers for the use of their deposited funds. A borrower pays interest to the financial institution for the use of its funds.
Interest Only
A term loan requiring interest only, without principal.
Interest Rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Interest Rate Swap
An agreement between two parties to switch payments of differing interest rates for a certain period.
Interim Loan
A short-term mortgage loan, often for the construction of a building.
Intermediate Term Mortgage
A mortgage with a maturity date of 20 years or less from its time of purchase.
Investor
An individual whose primary concerns in the purchase of a security are regular dividend income, safety of the original investment, and if possible, capital appreciation.
Involuntary Lien
A lien imposed on property without the consent of the owner. Examples include taxes, special assessments for such items as nearby sidewalks or sewers, and judgments.
Issue Date
The date on which a security is deemed to be issued or originated.
Issuer
An entity which issues and is obligated to pay amounts due on securities.
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